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First home buyers in decline across SA

By Brett Pilgrim

People in South Australia could be relying on rental properties in Adelaide for longer than many other parts of the country, as they are finding it difficult to get onto the ladder.

The September quarter Adelaide Bank/ REIA Housing Affordability Report points to a rise in the number of buyers being able to access property – although SA is largely an exception.

"Unfortunately, SA recorded a significant drop in the number of first home buyers following the state government's decision to remove the First Home Buyer Grant for established dwellings," said CEO of the Real Estate Institute of Australia (REIA) Amanda Lynch.

She revealed that this contributed to the downward trend in first-time buyers seen across the country, leaving many people renting property rather than purchasing their own.

REIA figures show first home buyers now comprise 12 per cent of the owner-occupier market, which is notably lower than the average of 19.7 per cent seen over recent years.

National statistics show the proportion of income needed to meet loan repayments fell 0.5 per cent during the three months to September to reach 30.4 per cent.

This follows the release of the November CoreLogic RP Data Home Value Index, which revealed that home price rises are starting to moderate across capital cities.

Only Sydney, Hobart, Brisbane and Perth witnessed increases in home values over the course of the month, while the remainder of the capitals saw prices decline.

This opens up the market to anyone who is yet to invest in rental properties in Adelaide, especially if first-time buyers are struggling to enter the market as the REIA suggests.

RP Data found there has also been a rise in the number of homes listed for sale across the capitals, so you could discover there are more properties than ever to choose from.

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